Senior Living Investment Brokerage ended July with two closings. First, a family owner that had operated a pair of Texas skilled nursing facilities for decades recently decided to sell to an independent owner/operator based in the Waco area for $9.35 million, or about $38,000 per bed. Built in 1978 and 1964, respectively, the 131-bed facility in Pasadena was 88% occupied while the 115-bed facility in Mineola was 78% occupied. Combined, the pair brought in approximately $460,000 in EBITDA on $11.95 million of revenues, so the buyer will look to improve that 4% operating margin. Matthew Alley of Senior Living Investment Brokerage handled the transaction.

Mr. Punzel also closed the sale (with the help of Brad Goodsell) of a brand-new 30-unit memory care community in Portland, Oregon for $7.0 million, or $233,300 per unit, with a 10.3% cap rate. Having just opened in May 2016, the community filled up by January 2017 and operated at an attractive margin. Last month, we had reported the disposition of the seller’s only other seniors housing asset, a 27-unit MC community (located a few miles down the road in Portland) that sold for $5.5 million, or $203,704 per unit. The June transaction also featured a similar cap rate of 10.3%. Granite Investment Group bought both communities, bringing in Avalon Health Care Group to operate them. These were the first two acquisitions for Granite in the state, but most likely not the last.